Shoppers walk by a Nordstrom sign at Westfield San Francisco Centre in San Francisco, May 11, 2023.
Justin Sullivan | Getty Images
Check out the companies making the biggest moves midday:
Nordstrom — The department store retailer sank 8.6% even after topping fiscal second-quarter earnings and revenue expectations. Earnings came in 40 cents ahead of the 44 cents expected by analysts polled by Refinitiv. Sales fell below pre-pandemic levels and Nordstrom stood by its previous full-year outlook bracing for a decline in revenues in the single digits. The company also warned that theft-related losses are at “historical highs.”
Affirm — The buy now, pay later firm saw its shares skyrocket 30% after the company reported fiscal fourth-quarter results that topped expectations on the back of higher gross merchandise volume. Affirm also gave strong guidance for the fiscal first quarter, projecting $430 million to $455 million in revenue, versus analyst expectations of $430 million.
Hawaiian Electric — The utility stock plunged 16% following the news that Maui County is suing the company for damages related to the island’s wildfires, which killed more than 100 people. The suit alleges Hawaiian Electric left its power lines energized despite a warning from the National Weather Service that high winds and drought conditions created a high fire risk. The company told NBC News it is disappointed the county chose a litigious path and noted the investigation is still unfolding.
Hasbro — The toymaker’s stock rallied 4.6% after Stifel boosted its price target to $94 from $79 on Thursday, implying about 43% upside from Thursday’s close. The Wall Street firm also added it to its top picks list, citing key changes and opportunities within the company. On Tuesday, Bank of America upped its price target to $90 from $85 on Tuesday. Shares are up nearly 9% week to date.
Advance Auto Parts — Shares fell 6.1% after the auto parts retailer was dropped from the S&P 500 on Friday.
Workday — The stock gained nearly 4.2% following the enterprise software company’s stronger-than-expected results for the second quarter. Adjusted earnings per share came in at $1.43, topping the $1.26 expected by analysts, per Refinitiv. Revenue was $1.79 billion, versus the $1.77 billion expected.
Intuit — Shares added 3.4% and hit a 52-week high after the software company’s earnings topped expectations. Fiscal fourth-quarter adjusted earnings were $1.65 per share, compared to the $1.44 expected by analysts polled by Refinitiv. Revenue came in at $2.71 billion, beating the $2.64 billion expected. The company also shared stronger-than-expected full-year guidance.
Gap — The retailer added 5.6% after posting mixed quarterly results. Adjusted earnings per share was 34 cents, topping the consensus estimate of 9 cents, per Refinitiv. Gap’s revenue was $3.55 billion, below the $3.57 billion expected.
Marvell Technology — Marvell shed 7% despite posting a slight earnings beat. Earnings per share came in at 33 cents for its second quarter, versus the 32 cents expected, according to Refinitiv. Revenue was $1.34 billion, compared to the $1.33 billion consensus estimate.
Ulta Beauty — The beauty retailer’s shares fell 3%, reversing earlier gains from its better-than-expected quarterly results. Ulta posted $6.02 earnings per share on $2.51 billion in revenue in the second quarter. Analysts had forecasted $5.85 earnings per share and $2.51 billion in revenue, according to revenue. The company also raised its full-year guidance.
AMC Entertainment — Shares fell 9% after the company converted its preferred equity units into common stock.
Shift4 Payments — The payment company climbed 2.1% following a Morgan Stanley upgrade to equal weight from underweight. The firm said the company has a valuation that now better reflects the business.
— CNBC’s Yun Li, Hakyung Kim, Alex Harring, Sam Subin and Michael Bloom contributed reporting.
